System and method for managing transactions of financial instruments

ABSTRACT

A system and method for managing transactions of financial instruments that comprises generating a graphical representation having a plurality of multi-dimensional objects positioned along an axis. Each position along the axis represents a price of a financial instrument. The system receives an indication that at least one multi-dimensional object has been selected. The system generates, in response to the at least one multi-dimensional object being selected, a dialog box in the graphical representation. The system receives information relating to a transaction of the financial instrument. The information is displayed in the dialog box and comprises a desired volume of the financial instrument at a specific price. The system communicates to a remote device the information. The remote device is in communication with the processor over a network. The system receives an indication that the transaction of the financial instrument has been executed for the desired volume at the specific price.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application claims the benefit of priority under 35 U.S.C. § 119(e)of U.S. Provisional Application Ser. No. 60/577,666 filed Jun. 7, 2004.

TECHNICAL FIELD

This invention relates generally to financial market information systemsand, more particularly, to a system and method for providing,manipulating, viewing and acting upon financial market information.

BACKGROUND

In recent years, electronic financial market information and tradingsystems have gained a widespread acceptance. For example, electronictrading systems have been created which facilitate the trading offinancial instruments such as stocks, bonds, currency, futures, or othersuitable financial, instruments. Many of these electronic tradingsystems use a bid/offer process in which bids and offers are submittedto the systems by a passive side. These bids and offers are hit andlifted (or taken) by an aggressive side. For example, a passive tradermay submit a “bid” to buy a particular number of thirty-year U.S.Treasury Bonds at a given price. In response to such a bid, anaggressive trader may submit a “hit” in order to indicate a willingnessto sell bonds to the first trader at the given price. Alternatively, apassive side trader may submit an “offer” to sell a particular number ofthe bonds at the given price, and then the aggressive side trader maysubmit a “lift” (or “take”) in response to the offer to indicate awillingness to buy bonds from the passive side trader at the givenprice. In such trading systems, the bid, the offer, the hit, and thelift (or take) may be collectively known as “orders.” Thus, when atrader submits a bit, the trader is said to be submitting an order.

In general, financial market information systems typically displayvarious pieces of information related to a particular financial market.The pieces of information are usually displayed in separate windows orscreens on a monitor. Comparative information, to the extent it isprovided, is offered in one or two dimensions. For example, it is commonfor financial information systems to display two-dimensional graphs ofinformation relating to the market for a single financial instrument.Further, if a user of the system wishes to conduct electronic tradingbased on the information, the trading activity is typically initiated ina trading application separate from the application providing thefinancial market information.

SUMMARY

This invention relates generally to financial market information systemsand, more particularly, to a system and method for providing,manipulating, viewing and acting upon financial market information. Someembodiments relate to systems, software, and/or graphical userinterfaces for the display of market information and options that allowa user to make transactions based on that market information.

In at least one embodiment, a system is provided for displayingfinancial market information. The system includes a computer having amemory to receive and store financial market information. The computeralso has a display and a processor operable to process the financialmarket information and to execute software to generate a graphicaldepiction of the financial market information on the display. Thegraphical depiction has a multidimensional representation, in at leastthree dimensions, of market information for at least two financialinstruments. The graphical depiction resides in a single window on thedisplay, and at least a portion of the displayed financial marketinformation is dynamically updated in real-time.

In another embodiment, software is provided, which is executable by aprocessor and operable to generate a graphical depiction of financialmarket information on a display. The graphical depiction includes amultidimensional representation, in at least three dimensions, of marketinformation for at least two financial instruments. The graphicaldepiction resides in a single window on the display, and at least aportion of the displayed financial market information is dynamicallyupdated in real-time.

In another embodiment, software is provided, which is executable by aprocessor and operable to generate a graphical depiction of financialmarket information on a display. The graphical depiction includes athree-dimensional representation of market information for at least twofinancial instruments. The graphical depiction includes a firstcomponent of dynamic, real-time market information in one dimension, anda second component of market information in a second dimension.Representations of the at least two financial instruments are arrangedalong a third dimension.

The invention has several important technical advantages. Variousembodiments of the invention may have none, some, or all of theseadvantages. Among other things, certain embodiments of the inventionprovide real-time information for financial instruments (e.g., fixedincome securities) in a manner and presentation such that the viewer ofthe display receives an integrated and easily-understood view ofcurrently updated prices, yields, transactions types and sizes, bid andoffer prices, market direction, prevalence of buying and sellinginterest, price trends and key security relationships andinterrelationships. The viewer is provided with the ability to focus onan aggregate measure and retrieve its specific underlying numericcomponents. This is accomplished in a single display or window in such away that the single display may give access to a broad array ofinformation that might otherwise require numerous contiguous displaywindows. Additional information not previously available is provided ina comprehensive graphical format. This simultaneously facilitates thecapability to submit a bid to purchase, offer to sell, or to execute atransaction in, each of the securities. The invention also supportsdisplay of raw market information with simultaneous mathematicalcalculations, sophisticated quantitative analytical studies, and 24-hourworldwide transaction capability. The invention facilitates thepresentation of financial market information to a user and enables theuser to improve the level and speed of understanding that information ascompared with known systems. The invention also increases the efficiencyof managing the financial market information, as well as the speed andefficiency of transactional activity relating to the financialinstruments associated with the information.

Viewing the real-time characteristics of a group of financialinstruments in a comprehensive and interactive visual display permitsmarket participants to understand numerous variable and quantitativemarket dynamics instantly and with precision, including relationshipsboth within the market for a single one of the financial instruments,relationships between the markets for any two or several of theinstruments, and comprehensively for the entire group of instruments.The system enables market participants to more effectively executetransactions in any of the instruments through interaction with the samedisplay that is depicting the market information. In addition tofacilitating the reading of the quantitative information, the displayformat and other tools summarize and characterize key market dynamics,providing a simplified framework for a substantially enhancedcomprehension of real-time market characteristics and complexitiessimultaneously with the ability to execute transactions electronicallyin the respective instruments.

Certain embodiments provide a user interface that is easier and moreefficient to use. Certain embodiments facilitate the rapid selection andretrieval of information by presenting a graphical multidimensionalrepresentation of market information for financial instruments in asingle window, Certain embodiments provide a graphical user interfacethat enables users to execute information associated with financialinstruments represented by the multidimensional representation. Suchembodiments are providing a new input tool. Certain embodiments of theinvention relate to the manufacture and/or production of a display or areport, such a display or report having a graphical multidimensionalrepresentation of market information for two or more financialinstruments. The report is a product that may be a printed document oran electronic document.

In certain embodiments there is provided a graphical depiction thatincludes a first portion representing completed trading activity and asecond portion representing current market conditions, such as potentialmarket activity. By displaying such a graphical depiction in a singlewindow a user is able to simultaneously view both completed and currentmarket conditions. This is achieved without the user taking furtheraction (such as opening further windows). In this way the mental andoperational burdens on. the user are reduced and the user can act morequickly since he is required to take fewer steps to view the informationhe requires.

In certain embodiments, the invention provides for the display of amultidimensional representation of market information for at least twofinancial instruments. By doing so, the current invention provides for atechnically more reliable system compared to the prior art. This isbecause the number of queries that are necessary by a user and thenumber subsequent replies supplied by the system will be reduced. Sincedata is provided as a multidimensional representation there is more dataavailable to the user in a single display and there will be less of aneed for the user and system to perform further operations to obtainrequired data or to complete an order. Fewer required operations resultsin a smaller the risk of a failure or delay in an operation. Suchfailures or delays may be caused by peaks in data traffic over anetwork.

An embodiment of the invention provides a default base combination ofdisplays designed to answer all the immediate questions of a user suchas current prices, volumes etc. The provision of such a default thatpredicts a user's questions has a number of technical advantages. Thedefault makes efficient use of the display space available on a GUI (socalled display “real-estate”). Since the answers to the most likelyquestions are made readily available, then there is a reduction in theuse of the available telecommunications bandwidth because the user isrequired to interrogate the system less frequently to obtain the answershe needs.

Other technical advantages of the present invention will be readilyapparent to one skilled in the art.

BRIEF DESCRIPTION OF THE DRAWINGS

For a more complete understanding of the present invention and forfurther features and advantages, reference is now made to the followingdescription, taken in conjunction with the accompanying drawings, inwhich:

FIG. 1 is a block diagram depicting a system for managing financialmarket information according to an embodiment of the invention;

FIG. 2 is an example of a market presentation and an associatedgraphical depiction for displaying financial market information inaccordance with an embodiment of the invention;

FIG. 3 is an example of a market presentation and an associatedgraphical depiction for displaying financial market information inaccordance with an embodiment of the invention; and

FIG. 4 is an example of a market presentation and an associatedgraphical depiction for displaying financial market information inaccordance with an embodiment of the invention.

DETAILED DESCRIPTION

In general, certain embodiments of the present invention are directed topresenting financial market information to market participants.According to some embodiments, the invention provides, among otherthings, electronic displays, which seamlessly integrate the combinationof raw data, value-added calculated data, real-time analytical values,graphical displays, and transactional capability, permitting the rapidcomprehension and related decision making, market action and decisionsupport required by the market participants. A system provides a meansto view the most current and best available raw market data, reliablevalue-added calculations and analytical and statistical measurementswithin a framework utilizing various visual display techniques toprovide a presentation of current market conditions and dynamics for thesecurities that a trader or other market participant may be interestedin either buying, selling, or assigning a price to for purposes ofvaluing securities currently held in portfolios. In some embodiments,the system further permits the user to execute transactions in suchsecurities directly and instantly by way of interactivity with thedisplay providing the market information.

Certain embodiments of the invention provide, among other thing, asystem for providing, to a market participant, a set of information andtransaction displays that depict the current price and yield for one ormore financial instruments. Preferably, at least two financialinstruments may be represented. Financial instruments include anyinstrument that may be traded. Although certain embodiments describedherein refer to securities, the invention is not limited as such. By wayof example only, financial instruments may include securities,treasuries, currency, fixed-income assets, or other similar financialinstrument or assets that have a value that changes in response tomarket conditions. A market participant may include a trader, marketmaker, analyst, investor, or any other user that views the information.The system also depicts the volume of buy and sell orders includingindividually-aggregated buy and sell orders that compose the grossvolume of securities currently available to buy and sell at the highestcurrently bid price, and lowest currently offered price, respectivelydescribed as the best-bid and the best-offer price. Preferably, thisinformation is provided by a secure worldwide real-time electronictransaction network which aggregates active bids and offers for multiplesecurities and facilitates the display of the most current andfrequently updated best-bid and best-offer prices, as well as currenttransaction prices for such securities.

Brief identifying information for each security identifies that securityat each incidence of its location within the display. Preferably, allinstances of the information displayed for that security are real-time,simultaneous, and actionable through user interaction with aninteractive transaction inquiry, submission, and execution dialoguewindow.

The aggregated current best-bid and best-offer orders may be referredto, collectively, as the Active Market Stack™ or simply the order stack.The order stack indicates stacked orders to execute at the currentactive market, or best prices. Orders comprising the order stack arepreferably revealed by shading and highlighting layers inmultidimensional (preferably three-dimensional) graphical depiction in awindow on an electronic display, such is the monitor of a computer. Thegraphical depiction may be, for example, in the form of vertical bars.Although certain embodiments described herein refer to particular typesand configurations of graphical displays, the invention is not solimited. Any suitable type of representation may be utilized to conveythe subject financial market information including, without limitation,pie charts, bar charts, graphs, boxes, colors, gray scales, points,curves, lines, or any other geometric, textual, or pictorialrepresentation of information. Further, certain embodiments may providecertain market information in multiple dimensions (e.g., in at least twodimensions), while other embodiments may provide market information inthree, four, or more dimensions.

With respect to the referenced vertical bars, the cumulative heightreflects the total aggregate size of the layers within the stacks.Similar vertical bars preferably will be arrayed horizontally and maydenote the aggregate volume of current buy and sell orders at specificincrements below the current best-bid price and above the currentbest-offer price. This collection may be referred to as a limit orderbook. Individually and collectively, the horizontally arrayed verticalbars preferably will give an immediate impression of the prevalence ofbuying and selling interest on a real-time, continual basis both at andsurrounding the current active market price.

Also provided are captions for each of the vertical bars, and cumulativetags for each horizontal line of vertical bars, indicating the real-timedata. Current market prices, transaction prices, yields and volumes, andunderlying prices at each increment of the limit order book arepreferably provided so that all visually presented marketcharacteristics are clearly labeled and numerically defined.

Also provided in horizontal alignment are charts denoting the pricehistories for a given time period (preferably for a trading day) so asto provide a continually-updated context for current market levels, anda visual display indicating price direction for a predetermined numberof transactions in each financial instrument. The charts and the tradedirection histories, in one embodiment, are presented in a terrace-stepformat so as to clearly separate the information for each security,whether separated by sector or maturity.

The interactive visual displays presenting specific security informationare further surrounded by tabular and graphical display summaries ofexecution prices, calculated yields, high and low transaction pricesincluding their times and associated yields, and a real-time updateddisplay of the yield curve in graphical form and superimposed on priordays' histories.

A default base combination of these displays is designed to answer allimmediate questions of the market participant as to current prices,volumes, prevalence of buying or selling interest, context within agiven time period, current price direction within each maturity andacross all securities as a group, price direction and a sense of comingshort-term market direction. In addition, each visual display clement isfurther constituted as an aggregate container for underlying values thatcan be retrieved by scrolling a cursor over the respective element Asthis is done, the respective element's individual characteristics,whether components or a summary of its current state, can be viewed asthe information is dynamically updated.

In addition, individual displays for each security component of thedisplay are available to permit the market participant to focus on thedynamics of the particular security or maturity sector. In thesesubordinate individual security displays, visual elements are preferablysimilarly highlighted to reveal their underlying components either indetailed numeric or status-summary form.

Preferably, any element of the display can be enlarged to highlight theelement in greater detail. Also, the entire display can be rotated topermit optimal viewing of the multidimensional elements. At any time,the rotated and enlarged displays can be toggled back to their originaldefault position.

Clicking on any portion of the price, yield or volume listed for a givensecurity preferably will open a transaction window permitting the traderor other qualified user to submit a bid to purchase, or an offer tosell, that security, or to execute a transaction in the security byaccepting one of the existing bids or offers, or through the electronicmatching of the bid or offer submitted by the trader to the fixed incometransaction network with the bid to purchase or offer to sell of anothertrader or other authorized and qualified user of the financialtransaction platform.

Also provided are security and authorization tools necessary to acquireand maintain access to associated secure subscription services,financial credit management services, and transaction managementservices.

An example embodiment is illustrated in FIG. 1, which is a block diagramillustrating a market information management system 100 including one ormore displays 116. At a high level, system 100 is preferably provided asa client/server environment comprising at least one client 102, a server104, and one or more data providers 106. Although this configuration isprovided as an example, any suitable electronic configuration thatperforms the desired functionality may be utilized. In general, system100 comprises a system for providing a market participant using client102 with the ability to view a graphical depiction of financial marketinformation 118 for one or more financial instruments. Preferably, thegraphical depiction is provided and viewable in a single window ofdisplay 116. The market information 118 may be received from a dataprovider 106 and stored in a central repository 110 on server 104.

For example, system 100 may comprise a market system that compiles U.S.Treasury benchmark and non-benchmark instrument data, automaticallypresents the compiled instrument data to a trader via display 116, anddynamically processes any appropriate changes in market information 118.The teem “automatically,” as used herein, generally means that theappropriate processing is substantially performed by at least part ofsystem 100. It should be understood that “automatically” furthercontemplates any suitable user interaction with system 100 withoutdeparting from the scope of this disclosure. The term “dynamically,” asused herein, generally means that certain processing is determined, atleast in part, at run-time based on one or more variables.

Server 104 comprises any computer including a central repository 110 andcommunicably connected to at least one client 102 and/or one dataprovider 106. For example, server 104 may be a general-purpose personalcomputer (PC), a Macintosh, a workstation, a Unix-based computer, aserver computer, or any other suitable device. FIG. 1 only provides oneexample of computers that may be used. For example, although FIG. 1illustrates one server 104, system 100 can be implemented usingcomputers other than servers, as well as a server pool. The presentdisclosure contemplates computers other than general purpose computersas well as computers without conventional operating systems. As usedherein, the term “computer” is intended to encompass a personalcomputer, workstation, network computer, or any other suitableprocessing device. Computer server 104 may be adapted to execute anyoperating system including UNIX, Windows, or any other suitableoperating system so long as server 104 remains communicably connected toclient 102. According to one embodiment, server 104 may be a remote webserver. In short, server 104 may comprise any computer with softwareand/or hardware in any combination suitable to present client 102 withmarket information.

Central repository 110 includes a variety of market information 118 fromone or more data providers 106. Central repository 110 comprises anyphysical or logical description of data storage operable to be defined,processed, or retrieved by externally-implemented code. For example,central repository 110 may comprise one or more extensible MarkupLanguage (XML) tables or documents. In another example, centralrepository 110 may comprise a relational database described in terms ofSQL statements or scripts, flat files, Btrieve files, orcomma-separated-value (CSV) files. Central repository 110 may comprise aplurality of tables stored on one server 104 or across a plurality ofservers 104. Moreover, central repository 110 may be local or remotewithout departing from the scope of this disclosure. In short, centralrepository 110 is any data storage comprising at least a subset ofmarket data 118 that is communicably connected to at least one client102.

Additionally, the present invention contemplates any suitableconfiguration for the storage of market information. For example,although FIG. 1 depicts a central repository 110, market information 118may be stored at any suitable location, such as on client 102.

Each client 102 is preferably a trading workstation or device operableto present a market participant with display 116 via a graphical userinterface (GUI). At a high level, illustrated client 102 includes GUI112, memory 120 and processor 125 and comprises an electronic computingdevice operable to receive, transmit, process and store any appropriatedata associated with system 100. It will be understood that there may beany number of clients 102 coupled to server 104, as illustrated byclient 102 a and client 102 b. Further, “client 102” and “user of client102” may be used interchangeably without departing from the scope ofthis disclosure. As used herein, client 102 is intended to encompass apersonal computer, workstation, network computer, kiosk, wireless dataport, personal data assistant (PDA), one or more processors within theseor other devices, or any other suitable processing device. For example,client 102 may comprise a computer that includes an input device, suchas a keypad, touch screen, mouse, or other device that can acceptinformation, and an output device that conveys information associatedwith the operation of server 104 or clients 102, including digital data,visual information, or display 116. Moreover, client 102 may comprise akeyboard customized to match display 116, with each key mapped to aparticular component, view, or functionality of display 116. Both theinput device and output device may include fixed or removable storagemedia such as a magnetic computer disk, CD-ROM, or other suitable mediato both receive input from and provide output to users of clients 102through the display 116 by way of, for example, the GUI.

The GUI may comprise a graphical user interface operable to allow theuser of client 102 to interface with system 100 to receive one or moresets of market information from data provider 106. Generally, the GUIprovides the user of client 102 with an efficient and user-friendlypresentation of data provided by system 100. The GUI may comprise aplurality of frames or views having interactive fields, run-down lists,and buttons operated by the user. In one embodiment, the GUI presents,in a single window, a graphical depiction of the various marketinformation 118 and receives commands from the user of client 102 viaone of the input devices. As illustrated in more detail in FIG. 2A, andas will be described below in great detail, according to certainembodiments, display 116 includes a graphical depiction of a series oflimit order books and completed trading information for a plurality offinancial instruments.

Display 116 may also be associated with a configuration file, module, ordynamic link library (DLL) operable to store various dynamicallyconfigurable or selectable options and parameters. This configurationcomponent may be a distributed file that is managed by an administratoror manager, thereby providing centralized and consistent configurationfor a plurality of market participants. It will be understood that“administrator” as used herein is any user with permissions or rights todynamically configure options for display 116. In other words, eachmarket participant may also be an administrator without departing fromthe scope of this disclosure. These parameters may be configured duringrun-time to allow for swift responses to changing trading, regulatory,or other industry conditions. In short, display 116 contemplates anygraphical user interface, such as a generic web browser, that processesinformation in system 100 and efficiently presents the information tothe user. Server 104 can accept data from client 102 via the web browser(e.g., Microsoft Internet Explorer or Netscape Navigator) and return theappropriate HTML or XML responses using network 108.

Network 108 facilitates wireless or wireline communication betweencomputer server 104 and any other computer. Network 108 may communicate,for example, Internet Protocol (IP) packets, Frame Relay frames,Asynchronous Transfer Mode (ATM) cells, voice, video, data, and othersuitable information between network addresses. Network 108 may includeone or more local area networks (LANs), radio access networks (RANs),metropolitan area networks (MANs), wide area networks (WANs), all or aportion of the global computer network known as the Internet, and/or anyother communication system or systems at one or more locations. Client102 includes interface 112 for communicating with other computersystems, such as server 104, over network 108 in a client-server orother distributed environment. In certain embodiments, client 102receives market information 118 from network 108 for storage in memory120. Generally, interface 112 comprises logic encoded in. softwareand/or hardware in a suitable combination and operable to communicatewith network 108 via link 114. More specifically, interface 112 maycomprise software supporting one or more communications protocolsassociated with communications network 108 or hardware operable tocommunicate physical signals.

Memory 120 may include any memory or database module and may take theform of volatile or non-volatile memory including, without limitation,magnetic media, optical media, random access memory (RAM), read-onlymemory (ROM), removable media, or any other suitable local or remotememory component. In the illustrated embodiment, memory 120 includes atleast a market information management application 130, local market data132, and a transaction application 134, but may also include any otherappropriate applications and data, such as a configuration file for useby display 116 and application 130 and 134.

Applications 130 and 134 may include any hardware, software, firmware,or combination thereof operable to receive and process marketinformation 118, present it to market participants through display 116,and enable users to execute transactions associated with the financialinstruments represented by the information presented on display 116.When loading or configuring display 116, application 130, for example,may first process the configuration file, whether local or remote, todetermine the initial or default parameters of the graphicaldepiction(s) presented on display 116. Further, application 130 mayreceive and process requests from the market participant using client102 via display 116. Trade application 130 may deny, ignore, orcommunicate an error in response to certain requests based on theconfiguration file. It will be understood that while applications 130and 134 are illustrated as single multi-tasked modules, the features andfunctionality performed by these applications may be performed bymultiple modules such as, for example, a data retrieval module and apresentation engine. Moreover, applications 130 and 134 may comprise achild or sub-module of another software module without departing fromthe scope of this disclosure. In short, application 130 and 134comprises one or more software modules operable to provide anyappropriate processing for presenting, manipulating, and acting uponmarket information 118 as described herein.

Local market data 132 stores one or more subsets of remote market data118, such as benchmark and non-benchmark instruments. Local market data132 may receive a copy of market data 118 through interface 112 or fromanother process running on client 102 as appropriate. As appropriate,local market data 132 may automatically, dynamically, or manuallyretrieve or receive market data 118 from central repository 110 at anyappropriate time. For example, management application 130 mayautomatically retrieve a copy of market data 118 in central repository110 upon initial execution. Further, local market data 132 may be of anysuitable format including XML documents, flat files,comma-separated-value (CSV) files, SQL tables, relational databasetables, and any other format operable to store at least one subset ofmarket data 118. It will be understood that local market data 132 may bein a format different from the data in central repository 110 orcommunicated market data 118 so long as it is compatible with display116 and may be processed by applications 130 and 134.

Display 116 includes a window or windows, as appropriate, to presentmarket information to the user. In one embodiment, market information ispresented to the user in a graphical depiction displayed in a singlewindow. In another embodiment, a user may execute transactions in thedepicted financial instruments by interacting with elements or objectsdisplayed in the same window as the market information, includinginteraction with components of the graphical depiction of theinformation. However, the invention is not so limited and contemplatesthe use of multiple windows for displaying market information and/orexecuting transactions corresponding to, or based on, the information.

Client 102 also includes processor 125. Processor 125 executesinstructions and manipulates data to perform the operations of client102 such as, for example, a central processing unit (CPU), anapplication specific integrated circuit (ASIC) or a field-programmablegate array (FPGA). Although FIG. 1 illustrates a single processor 125 inclient 102, multiple processors 125 may be used according to particularneeds, and reference to processor 125 is meant to include multipleprocessors 125 where applicable. In certain embodiments, processor 125executes one or more processes associated with applications 130 and 134to present market data 118 communicated from central repository 110 viadata providers 106 and to enable a user to conduct transactions in thefinancial instruments represented by the market data 118.

Data provider 106 typically comprises a third party web server or anenterprise agent residing on a machine operable to communicate at leasta portion of market data 118 for storage in central repository 110. Itwill be understood that data provider 106 may be remote or local.Further, data provider 106 may represent a separate process running onserver 104 or client 102 without departing from the scope of thisdisclosure. Generally, data provider 106 is any hardware, software, orlogic operable to provide system 100 with at least a subset of anyappropriate market data 118. System 100 may comprise any number of dataproviders 106, as illustrated by data providers 106 a and 106 b. Forexample, a plurality of data providers 106 may be communicablydaisy-chained off a master provider 106. Master data provider 106 maycompile and verify substantially all of market data 118 and communicatethe compiled market data 118 to server 104 upon request or at ascheduled time.

In one aspect of operation, applications 130 and 134 are executed andinitialized either automatically, such as when client 102 is powered up,or in response to a command from the user. Application 130 and 134 maydetermines a default configuration and layout for display 116, retrievesthe appropriate market data for the benchmark and non-benchmarkinstruments from central repository 110 and/or local market data 132,and generates the graphical depiction(s) presented in display 116 basedon the default configuration and retrieved data. Application 130 and 134processes the information presented in display 116 and/or the actionsinitiated by the user as appropriate.

As illustrated in FIG. 2, and by way of example only, an embodiment ofthe present invention provides a market information presentation 200 toa user of client 102. Components of presentation 200 are preferablydisplayed in a single window on display 116. However, components ofpresentation 200 may be displayed in multiple windows and/or on multipledisplays without departing from the scope of this disclosure.

More specifically, market presentation 200 preferably includes agraphical depiction 201, which comprises a first portion 210 and asecond portion 220. First portion 210 represents information regardingcompleted transactions, bids, offers, or any other activity inconnection with the market(s) represented. As shown in FIG. 2, firstportion 210 represents intraday trading activity. Second portion 220represents current market conditions and potential market activity, suchas available trading opportunities. Collectively, first and secondportions 210 and 220 present a multidimensional a multidimensionalrepresentation of market information for at least two financialinstruments. Preferably, the entire graphical depiction 201 resides in(i.e., is viewable in) a single window of an electronic display.Preferably, at least one first and second portions 210 and 220 reside ina single window. More preferably, both first and second portions 210 and220 are viewable in the single window. Although the single-windowdisplay is preferably, the disclosure contemplates any other suitableconfiguration, such as presenting certain portions of the graphicaldepiction 200 in multiple, different windows.

First portion 210 includes a multidimensional object representingcompleted, intraday, trading activity. First portion 210 is presented asa terraced, or stepped, three-dimensional object. Each step 211represents a different financial instrument. the example illustrated inFIG. 2, there are five steps 211 representing the five different U.S.benchmark treasuries, including 2-Year, 3-Year, 5-Year, 10-Year, and30-Year treasuries, respectively. It should be noted, as previouslydescribed, that the depiction 201 (and, for example, the steps 211), mayrepresent any financial instruments or any other asset or item that maybe transacted on an electronic exchange. Each step 211 includes ahorizontal section 212 and a vertical section 213. Preferably, thehorizontal section 212 is a horizontal plane having dimensions in the xand z directions. Preferably the vertical section 213 is a verticalplane having dimensions in the x and y directions. The various differentfinancial instruments are represented by a progression of steps 211 inthe z direction. In other words, the different financial instruments arearranged along the z dimension.

Each horizontal section 212 comprises various information displayed inthe form of a graph 214 superimposed on a grid 215. The grid 215represents transaction price in z direction and time in the z direction.The graph 214 is a depiction of connected data points on the grid over aperiod of time. The example in FIG. 1 uses a portion of the trading dayas the time period. For example, FIG. 1 depicts a time period of frombefore 9:00 am to slightly after 3:00 pm. Any period of time may berepresented, however, including minutes, hours, days, years, etc. Also,multiple time periods may be represented, such as a portion of one dayand a portion of another day. More than one graph (not expressly shown)may be included in any given horizontal section 212. Each graph mayrepresent different time periods or any other suitable information,which may be desirable to present to a market participant. It should benoted that the representation of graph 214, or any other two-dimensionalgraphic, may be made three-dimensional (or with a greater number ofdimensions) in order to display even more information (such as size orvolume in the case of graph 214).

Each vertical section 213 also represents completed trading informationas well. In FIG. 1, each vertical section 213 includes a tick strip 216,which is an indication of price direction for a predetermined number oftrades, the price direction for each of the respective trades beingrepresented by an indicator 217. The tick strips shown display pricedirection for ten trades, but any suitable number of trades may be used.Preferably, the number of trades represented by a tick strip is in therange of from five to fifteen. This provides a market participant with amanageable and useful number of previous price directions from which todraw conclusions about how recent price directions affect the decisionto purchase or sell a particular security associated. with the tickstrip being viewed. More preferably, the number of indicators, or ticks,is in the range of from eight to twelve. The price direction isindicated by the use of different colors for each indicator 217.Although not expressly shown in FIG. 2, the colors may include yellowfor “no change,” green for an “upward” price direction, and red for a“downward” price direction. However, any graphical representation may beused. For example, price direction might shown by upward and downwardarrows and flat bars for “no change.” As another example, pricedirection may be indicated by gray-scale as oppose to colors.Alternatively, the price direction information made be represented bytextual or numeric information.

Therefore, as shown, a graph 214 represents completed tradinginformation over a first period of time and a tick strip 216 representscompleted trading information over a second period of time. The secondperiod of time is shorter than the first period of time and is a subsetof the first period of time. Also, as discussed, the graph 214represents price-amount information and the tick strip 216 representsprice-direction information. Thus, the graph and tick strips representdifferent information over different time periods.

Second portion 220 includes a plurality of multidimensional objectsrepresenting the entire current market for the five benchmarktreasuries. Second portion 220 comprises a plurality of instrument slabs221. Each slab 221 represents a financial instrument. As shown in FIG.1, there are five slabs 221 representing the five benchmark treasuries.Preferably, each slab 221 corresponds with a step 211. That is, a step211 and a corresponding slab 221 both represent the same financialinstrument.

Each slab 221 has disposed thereon a series of 3D vertical bars 222.Each of the vertical bars is known as a stack. The stack represents avolume of security orders (either for sale or for purchase) at a givenprice. A series of stack along a given slab is known as a limit orderbook for the particular security. Each slab has a center point 223. Thestack immediately to one side of center point (e.g., stack 224)represents the best-bid price, or the best price for which users arewilling to pay for the security. The stack immediately to other side ofcenter point 223 (e.g., stack 225) represents the best ask price, or thebest price for which users are willing to sell the security. The centerpoint may be known, therefore, as the best bid/ask, or BBA point. Thepair of stacks straddling the BRA point may be known as the BBA stacks.Preferably, the BBA stacks illustrate additional information in the formof layers. The layers indicate different order volumes in a queue at thebest bid/ask prices, respectively. However, any vertical bar 222 may beconfigured in this manner.

Thus, second portion 220 includes a plurality of slabs 221, each ofwhich comprises a plurality of vertical bars or stacks 222 arrangedalong a given dimension. In FIG. 2, the stacks 222 for a given slab 221are arranged along the x dimension. Similar to first portion 210, thevarious different financial instruments are represented by a progressionof slabs 221 in the z direction. In other words, the different financialinstruments are arranged along the z dimension. As represented by stacks222 price information is provided in the x direction and volumeinformation is provided in the y direction. As shown in FIG. 2, theprice information for each stack 222 is provided numericallysuperimposed on the respective slabs 221, below the respective stacks222.

Market presentation 201 may also include certain collateral information.As shown in FIG. 2, presentation 201 includes yield curve indicator 202,trade status indicators 203, and quote board 204. Yield curve indicator202 shows yield curve information for the plurality of financialinstruments. As shown in FIG. 1, yield curve information is shown forthe five benchmark treasuries. Although only one curve is shown, theindicator 202 may show multiple curves representing multiple timeperiods.

Trade status indicators include trade state indicators 205 and BBAinstrument quotes 206. Trade state indicators 205 are displayed when theparticular security is in a trade state. The trade state indicatorprovides information such as price information, volume information, andhit/take information. Hit/take information indicates whether the tradewas a hit or take (i.e., a sale at a best-offer price, or purchase at abest-bid price, respectively).

Quote board 204 displays current market quote information. In otherwords, board 204 displays instrument type information (such as 2Y or 3Ytreasury), last price information (including a hit/take indication),price change information, yield information, high price/yield/timeinformation, and low price/yield/time information.

FIGS. 3 and 4 illustrate additional aspects of the graphical depictionscontemplated by various embodiments of the present invention. Forexample, as shown in FIGS. 3 and 4, there is hidden information embeddedwithin the graphical depiction 301. The information is preferablyviewable by scrolling a cursor over a certain object to cause a dialogbox to be presented. For example, as shown in FIG. 3, scrolling thecursor (not expressly shown) over a stack may cause a box 302 to bedisplayed. Box 302 contains information such as instrument type, bidprice, yield, and volume. The box 302 information is the type ofinformation that would preferably be available for a non best-bid/askstack. Similar information would be available for the ask stacks (i.e.,the stacks representing securities being offered for purchase), exceptthat an ask price would he provided instead of a bid price.

Scrolling the cursor over best-bid/ask stacks produces boxes such as box303. Box 303 includes information such as instrument type, offer price,yield, aggregate volume, and incremental volumes. The incrementalvolumes represent the respective volumes of each order within the queueof the stack for a single price. For example, in box 303, theincremental volumes are 10, 8, 5, 5, and 2 respectively. The aggregatevolume is the sum of the incremental volumes. For example, in box 303,the aggregate volume is 30. Similar information would be displayed in abox corresponding to a best bid stack, except that the bid price insteadof the offer, or ask, would be displayed.

Another example of an information box is box 304, which corresponds to astack while the instrument is in a trade state. Box 304 displaysinformation such as instrument type, hit/take, price, yield, volume, andprice direction. Similar information is displayed in box 305 except thehit/take indication is “take,” because the trade-state stack thatcorresponds to box 305 is among the offer orders of the respective limitorder book as opposed to the bid orders.

It should be noted that hidden information may be provided in varyinglevels as desired. Multiple layers may be accessed by “drilling down,”for example, to more and more detailed layers. Hidden information may beviewed in any number of configurations such as the illustrated boxes.Other possible configurations include such things as pop-up windows,scroll bars (at the bottom of the screen for example), and audio files.Hidden information, once accessed, may remain on the screen untilaffirmatively re-hidden, may remain for a predetermined period of time,or may return to a hidden status as the cursor leaves the objectassociate with the hidden information. The disclosure contemplates anyroutine by which hidden information is at least initially accessed to bemade viewable, and any routine by which the information returns to ahidden state.

In FIG. 4 there is illustrated an example of certain information thatmay be “broken out” from the base graphical depiction (such as graphicaldepiction 201 or 301). For example, slab 421 and its associate limitorder book have been broken out and displayed in FIG. 4. The marketpresentation 400 shown in FIG. 4 also includes yield curve 402, quoteboard 404, instrument quote 406 and trading indicator 412. Indicator 412corresponds to a top-down view of the horizontal section of one of thesteps of the first portion of a graphical depiction (e.g., horizontalsection 212).

Any portion of the graphical depiction and collateral information shownin a market presentation may be zoomed, enlarged, broken out, rotated,another otherwise manipulated in order to provide the user withdifferent views of the various pieces of information being illustratedin the respective market presentation.

According to an aspect of certain embodiments, transactions in thefinancial instruments are enabled. A transaction is accomplished bytaking an appropriate step or steps to execute transaction application134 shown in FIG. 1. The trigger to engage the transaction applicationcan he any suitable trigger, such as clicking on an icon, typing atextual command, pressing a predetermined key or series or combinationof keys, and issuing a verbal command to system 100. In at least oneembodiment, market presentation or graphical depiction (e.g., marketpresentation 200 or depiction 201) provide interactive transactioncapability. Accordingly, the user may execute a transaction directlyfrom the market presentation display window. This may be accomplished,for example, by scrolling the cursor onto a best-bid/ask stack andclicking a mouse. Then, application 134 presents a transaction dialogbox for the user to complete additional information relating to thetransaction. A confirmation window would provide the user with theopportunity to confirm the hit or take. According to another aspect, theapplication 134 and interactive display window cooperate to allow theuser to place bid or ask orders.

Although embodiments of the invention and their advantages are describedin detail, a person skilled in the art could make various alterations,additions, and omissions without departing from the spirit and scope ofthe present invention as defined by the appended claims.

1. (canceled)
 2. A method comprising: receiving, by at least one processor, a plurality of bids and a plurality of offers for a financial instrument; aggregating, by the at least one processor, sizes of the bids at the best bid price to produce a gross bid volume; aggregating, by the at least one processor, sizes of the offers at the best offer price to produce a gross offer volume; rendering, by the at least one processor, a first portion on a display screen comprising a graphical depiction of completed transactions involving financial instruments and a second portion on the display screen comprising a second graphical representation of current market conditions, rendering, by the at least one processor, a plurality of multi-dimensional objects on the second portion, such that the objects are positioned along a price axis, wherein a first type of multi-dimensional object corresponds to one or more bids for the financial instrument at the best bid price, wherein a second type of multi-dimensional object corresponds to one or more offers for the financial instrument at the best offer price, rendering, by the at least one processor, a size of the first type of multi-dimensional object that is reflective of the gross bid volume and a size of the second type of multi-dimensional object that is reflective of the gross offer volume; rendering, by the at least one processor, the first type of multi-dimensional object and the second type of multi-dimensional object along the price axis at respective positions representative of the best bid price and best offer price, respectively, of the financial instrument; receiving, by the at least one processor, an indication that a cursor has scrolled over the first or the second type of multi-dimensional object; in response to receiving the indication that the cursor has scrolled over the first or the second type of multi-dimensional object, render, by the at least one processor, a graphical box to permit entry of a trading command for the financial instrument; detecting, by the at least one processor, an indication of a trading command for the financial instrument; and in response to the detecting a confirmation of the trading command, communicating, by the at least one processor to a device, an indication that the trading command has been executed.
 3. The method of claim 2, wherein the first and the second type of multi-dimensional objects are vertical bars, wherein a height of the vertical bar for the first type of multi-dimensional object is reflective the gross bid volume, and wherein a height of the vertical bar for the second type of multi-dimensional object is reflective the gross offer volume.
 4. The method of claim 2, further comprising: receiving market data for the financial instrument; and generating hidden information based on the received market data.
 5. The method of claim 4, wherein generating the hidden information comprises displaying, in response to the indication that the cursor has scrolled over the first type or the second type of the multi-dimensional object, the hidden information the display screen.
 6. The method of claim 4, wherein generating the hidden information comprises causing an audio file to be downloaded in response to the indication that the cursor has scrolled over the first or the second type of multi-dimensional object, wherein the audio file provides the hidden information in a sound format.
 7. The method of claim 4, wherein the hidden information appears on the display screen for a pre-determined period of time and wherein the hidden information automatically disappears from the display screen after the pre-determined period of time has expired.
 8. The method of claim 2, further comprising: receiving a plurality of bids and a plurality of offers for a second financial instrument, wherein each bid and offer for the second financial instrument includes a respective price and size, wherein the plurality of bids for the second financial instrument includes one or more bids at a best bid price, and wherein the plurality of offers for the second financial instrument includes one or more offers at a best offer price; aggregating the sizes of the bids for the second financial instrument at the best bid price to produce a gross bid volume for the second financial instrument; aggregating the sizes of the offers at the best offer price for the second financial instrument to produce a gross offer volume for the second financial instrument; and displaying on the display screen a second graphical representation that comprises at least two multi-dimensional objects for the second financial instrument, wherein a first of the at least two multi-dimensional objects for the second financial instrument corresponds to the one or more bids for the second financial instrument at the best bid price, wherein a second of the at least two multi-dimensional objects for the second financial instrument corresponds to the one or more offers for the second financial instrument at the best offer price, wherein a size of the first type of multi-dimensional object for the second financial instrument is reflective of the gross bid volume for the second financial instrument, wherein a size of the second type of multi-dimensional object for the second financial instrument is reflective of the gross offer volume for the second financial instrument, and wherein the first and second type of multi-dimensional objects for the second financial instrument are displayed along a price axis at respective positions representative of the best bid price and best offer price, respectively, of the second financial instrument.
 9. The method of claim 8, in which the first financial instrument comprises a first type and the second financial instrument comprises a second type that is different from the first type.
 10. An apparatus comprising: a display screen; at least one processor configured to: receive a plurality of bids and a plurality of offers for a financial instrument; aggregate sizes of the bids at the best bid price to produce a gross bid volume; aggregate sizes of the offers at the best offer price to produce a gross offer volume; render a first portion on a display screen comprising a graphical depiction of completed transactions involving financial instruments and a second portion on the display screen comprising a second graphical representation of current market conditions, render, on the display screen, a plurality of multi-dimensional objects on the second portion, such that the objects are positioned along a price axis, wherein a first type of multi-dimensional object corresponds to one or more bids for the financial instrument at the best bid price, wherein a second type of multi-dimensional object corresponds to one or more offers for the financial instrument at the best offer price, render, on the display screen, a size of the first type of multi-dimensional object that is reflective of the gross bid volume and a size of the second type of multi-dimensional object that is reflective of the gross offer volume; render, on the display screen, the first type of multi-dimensional object and the second type of multi-dimensional object along the price axis at respective positions representative of the best bid price and best offer price, respectively, of the financial instrument; receive an indication that a cursor has scrolled over the first or the second type of multi-dimensional object; in response to receiving the indication that the cursor has scrolled over the first or the second type of multi-dimensional object, render, on the display screen, a graphical box to permit entry of a trading command for the financial instrument; detect an indication of a trading command for the financial instrument; and in response to detecting a confirmation of the trading command, communicate an indication that the trading command has been executed.
 11. The apparatus of claim 10, wherein the first and the second type of multi-dimensional objects are vertical bars, wherein a height of the vertical bar for the first type of multi-dimensional object is reflective the gross bid volume, and wherein a height of the vertical bar for the second type of multi-dimensional object is reflective the gross offer volume.
 12. The apparatus of claim 10, wherein the at least one processor is further configure to: receive market data for the financial instrument; and generate hidden information based on the received market data.
 13. The apparatus of claim 12, wherein to generate the hidden information, the at least one processor is configured to comprises to display, in response to the indication that the cursor has scrolled over the first or the second multi-dimensional object, the hidden information the display screen.
 14. The apparatus of claim 12, wherein to generate the hidden information, the at least one processor is configured to cause an audio file to be downloaded in response to the indication that the cursor has scrolled over the first or the second type of multi-dimensional object, wherein the audio file provides the hidden information in a sound format.
 15. The apparatus of claim 12, wherein the at least one processor is further configured to render the hidden information on the display screen for a pre-determined period of time and remove the hidden information from the display screen after the pre-determined period of time has expired.
 16. The apparatus of claim 10, wherein the at least one processor to is further configured to: receive a plurality of bids and a plurality of offers for a second financial instrument, wherein each bid and offer for the second financial instrument includes a respective price and size, wherein the plurality of bids for the second financial instrument includes one or more bids at a best bid price, and wherein the plurality of offers for the second financial instrument includes one or more offers at a best offer price; aggregate the sizes of the bids for the second financial instrument at the best bid price to produce a gross bid volume for the second financial instrument; aggregate the sizes of the offers at the best offer price for the second financial instrument to produce a gross offer volume for the second financial instrument; and display on the display screen a second graphical representation that comprises at least two multi-dimensional objects for the second financial instrument, wherein a first of the at least two multi-dimensional objects for the second financial instrument corresponds to the one or more bids for the second financial instrument at the best bid price, wherein a second of the at least two multi-dimensional objects for the second financial instrument corresponds to the one or more offers for the second financial instrument at the best offer price, wherein a size of the first type of multi-dimensional object for the second financial instrument is reflective of the gross bid volume for the second financial instrument, wherein a size of the second type of multi-dimensional object for the second financial instrument is reflective of the gross offer volume for the second financial instrument, and wherein the first and second type of multi-dimensional objects for the second financial instrument are displayed along a price axis at respective positions representative of the best bid price and best offer price, respectively, of the second financial instrument.
 17. The apparatus of claim 16, in which the first financial instrument comprises a first type and the second financial instrument comprises a second type that is different from the first type.
 18. The apparatus of claim 10, wherein to display the first type of multi-dimensional object comprises to display the first type of multi-dimensional object as an object with one or more layers wherein each layer represents one of the bids at the best bid price that makes up the first type of multi-dimensional object, and wherein each layer has a size that is reflective of the respective bid size corresponding to the layer; and wherein to display the second type of multi-dimensional object comprises to display the second type of multi-dimensional object as a second object with one or more layers wherein each layer of the second object represents one of the offers at the offer bid price that makes up the second type of multi-dimensional object, and wherein each layer of the second object has a size that is reflective of the respective offer size corresponding to the layer. 